Vancouver mayor's bitcoin investment proposal blocked by city, provincial law

Officials say the Vancouver Charter limits city reserves to government debt, bank instruments and other traditional assets. What to know : Vancouver Mayor Ken Sim’s proposal to invest city reserves in bitcoin is not allowed under the city's charter and British Columbia’s Municipal Finance Authority Act, according to a staff report. Staff concluded that bitcoin is not an eligible investment asset for the city, which is restricted to conservative instruments such as government and municipal securities, bank deposits and highly rated commercial paper. The report leaves open the possibility that Vancouver could accept bitcoin for taxes or fees if payments are immediately converted into Canadian dollars.